SUI Retest Ascending Triangle Support Amid 8% Drop – Bounce Or Breakdown Next?

SUI is attempting to hold a crucial area as support amid the recent market ￰0￱ analysts suggest the altcoin’s price is retesting a make-or-break level that will determine the direction of its next big ￰1￱ Reading: Avalanche (AVAX) Price Holds Key Support, But Analyst Warns Rally Could Be At Risk SUI Hits Two-Month Low On Thursday, SUI is retesting the local range lows after an 8% daily drop from the $3.40 area to a key support ￰2￱ recent market pullbacks have momentarily halted most bullish rallies, sending leading cryptocurrencies like Ethereum (ETH) to an eight-week low of $3,800. Now, SUI’s rally, which was fueled by institutional interest, Digital Asset Treasuries (DATs), and positive developments for the network, has declined over 21% in the weekly ￰3￱ cryptocurrency has seen a strong three-month rally following its early Q3 breakout to its multi-month high of $4.44.

The altcoin has hovered between the $3.10-$4.00 levels over the past three months, attempting to break out of this range multiple ￰4￱ week, SUI’s price retested this area for the third time during this period, but has since been rejected from the range highs after failing to hold the $3.80 mark as ￰5￱ watcher Daan Crypto Trades highlighted that the cryptocurrency has been “stuck” inside the $3.10-$4.30 range since May, briefly losing the support area during the June ￰6￱ to the trader, the five-month consolidation should eventually lead to a big price move out of the range. “As we approach the range low/support, it’s back on my radar for a potential range play,” he noted, adding that it would need a strong bounce from this area to hold the macro ￰7￱ the contrary, Daan suggested that “If it sits there and doesn’t do anything, then that’s a red flag,” as it would risk losing the crucial multi-month support and retracing toward the June ￰8￱ Retests Make-Or-Break Level Amid the retracement, SUI is also retesting another crucial ￰9￱ multiple analysts pointed out, the cryptocurrency is trading within a textbook ascending triangle pattern on a higher timeframe.

Notably, the price has been compressing within the pattern’s upper and lower boundaries since early ￰10￱ the multi-month consolidation, each time the altcoin has bounced from the ascending support, it has retested the flat upper ￰11￱ Martinez highlighted that a successful breakout from the bullish formation’s resistance line around the $4 barrier would set the stage for a retest of its all-time high (ATH) level of $5.35 and an overall 75% rally toward the $7 area. Similarly, analyst Sjuul from AltCryptoGems affirmed that “it’s really time to pay attention” to the bullish formation, as the price compression continues and a break from the pattern seems ￰12￱ Reading: Solana DATs Arrive In Australia: Fitell Corporation Announces $100M SOL Treasury Strategy Per the post, SUI’s price must hold the triangle’s rising lower trendline to be able to attempt to break out of the pattern ￰13￱ to maintain this key support, currently located around the $3.10 area, could invalidate the setup and lead to a retest of the $2.40-$2.90 ￰14￱ of this writing, SUI is trading at $3.15, a nearly 10% decline in the monthly ￰15￱ Image from Unsplash.

com, Chart from ￰16￱